SUBJECT
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Authorizing the Fourth Amendment to the Chapter 380 Economic Development Performance and Program Grant Agreement between the City of Laredo, Texas and Laredo Outlet Shoppes, LLC, originally executed on September 2, 2014, to amend certain terms and conditions of the Agreement, including an extension of the Agreement term, and authorizing the City Manager to execute all necessary documents.
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PREVIOUS COUNCIL ACTION
The original agreement was passed on September 2, 2014. The first amendment was executed on February 24, 2016, the second amendment was executed on April 21, 2016, and the third amendment was executed on April 22, 2021.
BACKGROUND
The property is located on 1600 Water St and approximately 7 acres of property. The propose is to redevelop the existing retail center located on the property into a retail outlet shopping mall and operate and maintain the redeveloped retail outlet shopping mall along with associated infrastructure.
There have been 3 amendments to this agreement.
VIVA LAREDO PLAN ALIGNMENT
Alignment Rating: Moderate
Supporting goal(s)/policy(ies):
Goal 4.1 - Create a sustainable economy.
(Viva Laredo Comprehensive Plan, Chapter 4 - Economic Development)
"Create a sustainable economy."
Source: Viva Laredo City of Laredo Comprehensive Plan. (Chapter 4 - Economic Development)
Relevance:
Continuing a performance-based economic development agreement with Laredo Outlet Shoppes supports the City's long-term economic sustainability through continued private investment, employment, and commercial activity.
Policy 4.1.1 - Diversify and strengthen the local economy.
(Viva Laredo Comprehensive Plan, Chapter 4 - Economic Development)
"Diversify and strengthen the local economy."
Source: Viva Laredo City of Laredo Comprehensive Plan. (Chapter 4 - Economic Development)
Relevance:
Retail destinations such as Laredo Outlet Shoppes contribute to economic diversification by expanding the City's retail sector, attracting visit...
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